Financial Collapse RSS

Feb 5, 2009

Time Warner To Layoff 1,250

The cable company just announced its charging you more for service, and now comes word it will let more than a thousand employees go in a cost cutting move. The Syracuse area Time Warner spokesperson has "no comment" on any possible local losses.

Time Warner Cable Inc. says it is laying off 1,250 people over the next few weeks in the face of slowing growth at the nation's second largest cable operator.

The New York-based company expects to save $90 million a year from the job cuts.

The layoffs are in addition to the 500 jobs lost last year as the company restructured into six regions from about 24.

Earlier Wednesday, Time Warner Cable reported a net loss of $8.16 billion, or $8.36 cents per share, in the fourth quarter including a $14.82 billion charge to write-down the value of cable franchise rights and a loss of $13 million on the sale of cable systems.

It earned $327 million, or 33 cents per share, a year earlier.

Revenue rose 8 percent to $4.4 billion.

Source : MSNBC
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